Dogecoin Price Jumps 1.13% to $0.11, Invalidating Bearish Outlook as Analysts Forecast Targets Exceeding $0.20
- Patricia ArquetteOriginal
- 2024-10-07 10:34:15896browse
On a low-volatility Sunday, the Dogecoin price jumped 1.13%, trading at $0.11. This bullish reversal can be attributed to DOGE's significant breakout
Dogecoin price rose 1.13% on Sunday evening to trade at $0.11.
The cryptocurrency’s price action showed a breakout from a descending triangle pattern, signaling a major trend reversal.
Analysts noted that DOGE price had shown a breakout from a multi-year descending triangle pattern in the past, leading to a 200% rally and a subsequent 60% retracement.
After a 65% correction, Dogecoin price gave a breakout from the triangle’s upper trendline, suggesting a potential for renewed rally.
If the bullish momentum continues, Dogecoin price could target $0.20, as per the pattern’s height.
However, geopolitical tensions between Israel and Iran could introduce selling pressure and potentially delay DOGE’s rally to $0.20.
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